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...potential depositors at home, the nation's banks have little choice but to raise capital abroad. Furthermore, the size of Iceland's economy - the U.S. economy is roughly a thousand times larger - has always made it volatile, partially explaining its much-discussed $2.7 billion current-account deficit. "If my father decides to build a garage onto his house, it will almost show up in national accounts," she quips. So imagine the impact of constructing two large aluminum smelters from 2005 to 2007. Those projects required the import of generators and other materials, and amounted to 35% of the nation...

Author: /time Magazine | Title: Cracks in the Ice | 5/29/2008 | See Source »

...member of the House of Commons. He has long been fascinated by the fact that Blair was known to be religious, something Mike says is rare in what he calls Britain's "aggressively secular society." Mike grew up in an intensely religious family in the suburbs of Liverpool--his father was on the national council of the Baptist church--and he says, "I think that probably gave me some sympathy for the way in which Blair has very openly wrestled with the role of faith in the public square...

Author: /time Magazine | Title: Appointment in Bethlehem | 5/29/2008 | See Source »

TONY SOPRANO'S wardrobe to be auctioned for charity. The perfect Father's Day gift for the dad who likes to kill in breathable comfort...

Author: /time Magazine | Title: Pop Chart | 5/29/2008 | See Source »

When it became clear even to them that there would not be violent revolution in America, Ayers and Dohrn shrugged and rejoined society in Chicago, where he had grown up. It wasn't difficult. While he was in hiding, his father was CEO of Commonwealth Edison, the big utility. Ayers the elder sat on every Establishment board in town--Northwestern, the Tribune Co., the Chicago Symphony. Ayers the younger and his wife were welcomed back into the fold...

Author: /time Magazine | Title: Rejecting Obama's Radical Friends | 5/29/2008 | See Source »

After the discovery of Hemraj's body, the police quickly announced their theory of the double love affairs. Dr Talwar had killed Aarushi and Hemraj, the cops said, because Aarushi had objected to her father's affair, while he had objected to hers. The Talwar and Durrani families denied the allegations strenuously. A harried Dr. Talwar shouted "They're framing me!" into TV cameras while being led away by the police. He is technically in custody for questioning. Police sources say he has confessed to the crime, but Talwar insists he has done nothing of the sort. His bedraggled wife...

Author: /time Magazine | Title: India's JonBenet Ramsey Case? | 5/29/2008 | See Source »

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